in Business & Finance

No current lifeline for Comair

Posted 28 July 2020 · Add Comment

South Africa’s Comair, the operator of Kulula and British Airways flights in SA, is facing possible termination and liquidation of its business as lenders refuse to provide it R226m ((USD13.65 million).

 

Comair faces possible termination and liquidation.  Image: Comair


Due to this, Comair has defaulted on insurance and maintenance payments for its entire aircraft fleet.

 

Business Rescue Practitioners (BRPs) Shaun Collyer and Richard Ferguson have been searching for financial help to resurrect the privately-owned firm.

 

Collyer and Ferguson said: “In the absence of any PCF, and a capital raising process to underpin the financial and operational elements of a business rescue plan, we will have no other option but to conclude that there is no longer a reasonable prospect of rescuing the company.”

 

It would also affect Comair’s plan to return to the skies in November 2020 after the government imposed travel restrictions in March to slow the spread of Covid-19.

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